City of Madison, Wisconsin | Legislative Information Center
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File #: 57259    Version: 1 Name: General Obligation Promissory Notes, Series 2019-A $80,410,000
Type: Resolution Status: Passed
File created: 8/28/2019 In control: Attorney's Office
On agenda: 9/3/2019 Final action: 9/17/2019
Enactment date: Enactment #: RES-19-00643
Title: Resolution authorizing the issuance of $80,410,000 General Obligation Promissory Notes, Series 2019-A, of the City of Madison, Wisconsin, providing the details thereof, establishing interest rates thereon and levying taxes therefor.
Sponsors: Satya V. Rhodes-Conway
Attachments: 1. 57259 Body.pdf, 2. GO Reauthorizations -- 2019 Borrowing -- 9-6-19.pdf, 3. Bid Tab - A.pdf, 4. Winning Bid Signed by the Purchaser- A.pdf, 5. FINAL Madison Note Resolution Series A 2019.pdf

Fiscal Note

This resolution authorizes the issuance of general obligation promissory notes totaling $80,410,000 and an irrevocable property tax sufficient for the purpose of paying principal and interest on the notes.  These notes will be used to finance current year capital improvements authorized in the 2019 capital budget.  A description of the specific expenditure purposes is included in the resolution.  The true interest cost of this series is 1.99%.  Repayment is scheduled over the next 10 years, including $13 million in interest payments.

 

Title

Resolution authorizing the issuance of $80,410,000 General Obligation Promissory Notes, Series 2019-A, of the City of Madison, Wisconsin, providing the details thereof, establishing interest rates thereon and levying taxes therefor.

Body

See attached Body.